Reserve Bank Of India
A.P. (DIR Series) Circular No. 29
September 12, 2012
To,
All Category - I Authorised Dealer Banks
Madam / Sir,
Overseas Direct Investments by Indian Party – Rationalisation
Attention of the Authorised Dealer (AD - Category I) banks is invited to the
Notification No. FEMA 120/RB-2004 dated July 7, 2004 [Foreign Exchange
Management (Transfer or Issue of any Foreign Security) (Amendment) Regulations,
2004] (the Notification), as amended from time to time. It has been decided to
amend the guidelines relating to submission of Annual Performance Report (APR)
as under:
- An Indian party, which has set up / acquired a Joint Venture (JV) or Wholly
Owned Subsidiary (WOS) overseas in terms of the Regulations of the Notification
ibid, shall submit, to the designated Authorised Dealer every year, an Annual
Performance Report (APR) in Form ODI Part III in respect of each JV or WOS
outside India and other reports or documents as may be specified by the Reserve
Bank from time to time, on or before the 30th of June each year. The APR, so
required to be submitted, has to be based on the latest audited annual accounts
of the JV / WOS, unless specifically exempted by the Reserve Bank.
- The exemption granted for submission of APR based on the un-audited accounts
of the JV / WOS subject to the terms and conditions as specified in the
A.P (DIR
Series) Circular No. 96 dated March 28, 2012 shall continue.
- Necessary amendments to the Foreign Exchange Management (Transfer or Issue of
Any Foreign Security) Regulations, 2004 are being issued separately.
- AD - Category I banks may bring the contents of this circular to the notice
of their constituents and customers concerned.
- The directions contained in this circular have been issued under Sections
10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and
are without prejudice to permissions / approvals, if any, required under any
other law.
Yours faithfully,
(Dr. Sujatha Elizabeth Prasad)
Chief General Manager-In-Charge
RBI/2012-13/203